"Front-month WTI had biggest two-day gain in over seven years"
Drowning in oil visualized
WTI (black line/left scale) with USO ETF volume:
Global Daily Supply (black) and Demand (red) through end of December 2015.
Does not include Iranian production...
Mind the gap: Currently 1.67 million barrels PER DAY of oversupply... i.e. one supertanker per day of excess oil
BBG: Jan. 24, 2016
"Front-month WTI had biggest two-day gain in over seven years"
"Speculators’ short position in WTI shrank 8.4 percent in the week ended Jan. 19, data from the U.S. Commodity Futures Trading Commission show. Their net-long position increased 17 percent."
"In London, money managers raised bullish bets on Brent crude by 5,594 contracts...speculative bets that prices will rise, in futures and options combined, outnumbered short positions by 208,153 lots"
"The oil glut may limit any rallies. U.S. inventories are about 130 million barrels above the five-year average and supplies at Cushing, Oklahoma, the delivery point for WTI, are at a record."
